Opening Note: This entry is catered to those who are more familiar with STEPN as I will not be describing the Game-Fi elements.
In this article, I am going to share highlights of my exposure in STEPN, using a timeline pegged against GST-SOL token price. For those who are unaware, STEPN is a pretty popular move-to-earn crypto project launched on Solana, BSC and Ethereum blockchains. Before I begin, I will just like to share my proud pair of uncommon STEPN shoes on Solana:
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Alright now, the remaining entry will be salient points on my journey. Do use the below timeline graph for reference when reading my write-up!
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24 Mar 2022 - My entry into STEPN on Solana
Took a leap of faith after a bit of reading and decided to spend a hefty sum of SOL to purchase 9 pairs of common shoes. From then on, I earned through minting and selling shoes every few days. This was done organically, using the GST I earned from daily fitness routines. I also make it a point to withdraw my SOL earnings every now and then.
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2 May 2022 - Accumulated 15 pairs of shoes
I took a while and figured that based on my daily fitness routine, it is more worthwhile to hold more pair of shoes for higher energies, which allowed me to clock more GST-SOL. I hence decided to stop selling until I accumulated 15 pairs of shoes and this indeed sped up my returns.
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5 May 2022 - Crypto winter has arrived
Needless to say, ETH and BTC took a dive that fateful day and I mark this day as the beginning of the crypto bear market.
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9/10 May 2022 - STEPN launched on BSC and allowed cross-chain energy sharing
Sharp players exploited this cross-chain energy sharing. In a simple explanation, people bought shoes on Solana but were actually only active on BSC chain. This resulted in sharp drop in GST activities on the Solana chain, bringing GST-SOL prices lower.
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12 May 2022 - I finally broke even!
Despite the above negative news, I was really lucky enough to break even in 7 weeks mark. This was right at the beginning of the downward spiral of the project, phew! Every step onwards were profits from the project 🤑
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27 May 2022 - STEPN announced their adherence to comply to mainland China
Yes, negative news didn't stop. This announcement on ban of players with IP or GPS in mainland China created more selling pressure as affected players likely rush to sell off their STEPN shoes while they still can.
I was super lucky to enter the project early enough to be profitable within such a short period. This journey definitely cannot be replicated again due to changes in STEPN gameplay and also due to the significantly depressed GST-SOL price (from ATH of $8.50 to current $0.06). My experience clearly demonstrates the volatility of the project and it should not be treated as financial advice or recommendation to come onboard.
Wondering aloud, are there other STEPN members in this space? Do comment below and give me a follow as I will be sharing more on STEPN 😄